Beijing GeoEnviron Engineering & Technology, Inc. 北京高能時代環境技術股份有限公司 （於中華人民共和國註冊成立的股份有限公司） 的申請版本 警告 香港聯合交易所有限公司與證券及期貨事務監察委員會對本申請版本的內容概不負責，對其準確性或完整性亦不 發表任何意見，並明確表示概不就因本申請版本全部或任何部分內容而產生或因倚賴該等內容而引致的任何損失 承擔任何責任。 本申請版本乃根據香港聯合交易所有限公司（「聯交所」）與證券及期貨事務監察委員會（「證監會」）的要求而刊發， 僅用作提供資料予香港公眾人士。 本申請版本為草擬本，其內所載資料並不完整，亦可能會作出重大變動。 閣下閱覽本文件，即代表 閣下知悉、接 納並向北京高能時代環境技術股份有限公司（「本公司」）、其獨家保薦人、整體協調人、顧問或包銷團成員表示同意： 於本公司招股章程根據香港法例第32章公司（清盤及雜項條文）條例向香港公司註冊處處長註冊之前，本公司不會 向香港公眾提出要約或邀請。倘於適當時候向香港公眾人士提出要約或邀請，有意投資者務請僅依據與香港公司 註冊處處長登記的本公司招股章程作出投資決定；招股章程的文 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company achieved a significant increase in performance driven by resource utilization, with a 74% increase in net profit for 2025. The company is also expanding into mining and pursuing international projects [1][7] - The revenue for 2025 reached 14.732 billion yuan, a year-on-year increase of 1.6%, while the net profit attributable to shareholders was 838.1 million yuan, reflecting a year-on-year growth of 73.94% [7] - The company is focusing on resource recycling, with a notable increase in gross profit and gross margin, indicating strong operational efficiency [7] Financial Summary - Total revenue forecast for 2024 is 14.5 billion yuan, with projections increasing to 28.027 billion yuan by 2028, reflecting a compound annual growth rate [8] - The net profit attributable to shareholders is expected to grow from 481.82 million yuan in 2024 to 1.700 billion yuan in 2028, with a significant increase in earnings per share from 0.32 yuan to 1.12 yuan over the same period [1][8] - The company’s gross margin is projected to be 18.96% in 2025, with a gradual decline expected in subsequent years, indicating a focus on maintaining profitability despite increasing revenue [8]

Company and Industry Summary Company Overview - **Company**: 高能环境 (GaoNeng Environment) - **Industry**: Resource Recycling and Environmental Services Key Financial Performance - **2025 Revenue**: 14.732 billion RMB, with a net profit of 838 million RMB, representing a year-on-year growth of 73.94% [3] - **Cash Flow**: Net cash flow from operating activities reached 1.173 billion RMB, up 54.5% year-on-year [3] - **Gross Margin**: Overall gross margin improved to 19%, with the resource recycling segment achieving a gross margin of 14.7%, up 5.5 percentage points [6] Business Segments Performance - **Resource Recycling Segment**: Contributed over 80% of total revenue, with significant growth from 金昌高能 (Jinchang GaoNeng) and 江西新科 (Jiangxi Xinke) [3] - **Jinchang GaoNeng**: Revenue of 1.9 billion RMB and net profit of 360 million RMB, marking a turnaround from a loss in 2024 [7] - **Jiangxi Xinke**: Revenue of 5.17 billion RMB, with net profit exceeding 150 million RMB, despite a decline in revenue from the previous year [7] - **Environmental Operations**: 13 waste incineration power projects processed 4.09 million tons of waste, generating 1.52 billion kWh of electricity, a 5 million kWh increase year-on-year [3] Growth Drivers and Future Outlook - **Capacity Expansion**: Jiangxi Xinke's capacity release is currently at 40%, with expectations to reach 10 billion RMB in monthly revenue by 2026 [2] - **International Expansion**: Secured projects in Thailand and Mexico, with overseas waste-to-energy projects expected to yield returns significantly higher than domestic projects [2][4] - **AI Integration**: Automation in waste incineration has exceeded 90%, improving operational efficiency [2] Financial Structure and Debt Management - **Debt Reduction**: Interest-bearing debt decreased from 13.5 billion RMB to 12.5 billion RMB, with an asset-liability ratio of 60.4% [6] - **Accounts Receivable Management**: Total accounts receivable decreased by over 400 million RMB due to improved collection efforts [6] Strategic Initiatives - **Mining Rights Acquisition**: Acquired mining rights for four gold mines in Hunan, aiming for production by 2027-2028 [2] - **H Share Listing**: Plans to complete H share listing in 2026 to raise funds for technological upgrades and international projects [2][14] Key Risks and Considerations - **Market Volatility**: Fluctuations in metal prices could impact profitability, with a noted decrease in net profit in Q3 due to price volatility [5] - **Operational Risks**: Expansion into international markets carries inherent risks, including political and operational uncertainties [17] Conclusion - **2025 as a Turning Point**: The year marked a significant recovery and growth phase for the company, with strong performance across key segments and a robust outlook for 2026 driven by capacity expansion and international projects [8][13]

Group 1 - The core viewpoint of the article is that Guiyan Platinum Industry (600459) is enhancing its production capacity of platinum group metals through recycling and procurement strategies [1] - The company primarily sources its platinum group metal raw materials from its secondary resource recycling sector and also procures from domestic market participants [1] - The investment in the Dongying recycling resource base is expected to further increase the annual production capacity of platinum group metals once it is completed and operational [1]

Core Insights - The global metal market downturn poses significant challenges for African mining economies, revealing the vulnerabilities of commodity-dependent economic structures [1] - Recent price surges in gold, silver, and copper have been followed by a sharp market correction, impacting currencies, stock markets, and investor confidence in Southern Africa [1][2] - Countries like South Africa and Zambia, heavily reliant on metal exports, are particularly sensitive to global demand fluctuations and investor sentiment [1] Group 1: Market Impact - The Johannesburg Stock Exchange (JSE) experienced a maximum single-day drop of 6%, indicating heightened market volatility and investor caution [1] - Zambia's currency, the kwacha, has weakened significantly, with copper accounting for over 70% of its export revenue, making the economy vulnerable to minor fluctuations in global copper prices [1] Group 2: Economic Diversification - Economists suggest that the recent market turmoil should accelerate the diversification of economies, emphasizing the importance of manufacturing, agricultural processing, digital services, and regional trade over single commodity exports [2] - Southern African nations have committed to investing mining revenues into infrastructure, skills training, and sovereign wealth funds to build more resilient economic systems [2]

Core Viewpoint - Zimbabwe's mineral exports (excluding gold and silver) are projected to grow by 14% in 2025, reaching 4.8 million tons and generating $3.4 billion in revenue, surpassing established targets [1] Group 1: Export Performance - The mining sector contributes over 60% to 80% of Zimbabwe's export revenue, with platinum group metals, lithium, chromium, and ferroalloys being the main pillars [1] - Total foreign exchange earnings for Zimbabwe in 2025 are expected to increase by 21.8% year-on-year, reaching $16.2 billion when including gold [1] Group 2: Key Minerals - Platinum group metals are seeing a shift towards local smelting and deep processing, leading to a decrease in concentrate exports but a significant increase in high-value platinum metal sponge exports [1] - Lithium exports in both volume and revenue have exceeded expectations, reinforcing Zimbabwe's position in the global battery minerals market [1] - Exports of ferroalloys and steel have shown significant growth, while revenues from chromium concentrates have declined due to falling prices [1]

Group 1: Key Drivers of Volatility in Precious Metals - The sharp fluctuations in the precious metals market in early 2026 are driven by a combination of short-term policy shocks, mid-term supply-demand restructuring, and long-term monetary system changes [1] - Short-term triggers include concerns over policy shifts following the nomination of Kevin Warsh as the new Fed Chair, leading to a rebound in the dollar index and suppressing precious metal valuations [1] - Increased margin requirements by the Chicago Mercantile Exchange (CME) for gold and silver have exacerbated market volatility, forcing high-leverage long positions to liquidate [1] Group 2: Mid-term Structural Contradictions - The industrial demand for precious metals, particularly silver, is experiencing explosive growth due to the deepening of the renewable energy revolution, with silver demand for photovoltaic applications reaching 55% [2] - In contrast, mineral supply growth remains constrained, with South African platinum group metal production down 5% and Russian palladium export quotas reduced by 18.75% [2] - The tightening supply situation has led to a significant reduction in inventories, with LBMA gold stocks falling to 7,200 tons, covering less than 30 days of consumption [2] Group 3: Long-term Underlying Logic - The acceleration of de-dollarization is a core logic supporting the long-term value of precious metals, with global central bank gold reserves expected to rise to 15.1% by 2025 [2] - The deepening debt crisis in the U.S., with federal debt to GDP surpassing 126%, is driving demand for precious metals as a "ultimate trust anchor" [2] - Geopolitical tensions, such as the ongoing Russia-Ukraine conflict and escalating Middle East issues, are normalizing safe-haven demand, contributing 35% to gold price volatility in 2025 [3] Group 4: Characteristics of Precious Metal Volatility - Current market volatility in precious metals shows a high leverage characteristic, with silver futures leverage exceeding 20 times, making price fluctuations more sensitive compared to gold [4] - The sensitivity of the market to events is increasing, with significant impacts from Fed policy meetings and geopolitical conflicts, leading to daily volatility rates exceeding 15% in January 2026 [5] Group 5: Future Trends in Precious Metals - In the short term (Q2-Q3 2026), the precious metals market is expected to enter a phase of consolidation, with gold needing to break through $4,600 per ounce to confirm a trend reversal [6] - In the mid-term (Q4 2026-2027), a structural bull market is anticipated, supported by rigid supply-demand dynamics, with global central bank gold purchases expected to remain above 800 tons annually [8] - UBS forecasts gold prices to reach $6,350 per ounce and silver prices to potentially exceed $150 per ounce by 2027, although potential risks from technological advancements in hydrogen catalysts and photovoltaic materials could impact demand [8] Group 6: Investor Strategies - The core asset allocation strategy suggests positioning gold as a "ballast" in portfolios (5%-10%) and silver as a "satellite" position (3%-5%) [9] - Investors are advised to establish a "gold + oil" hedging strategy to mitigate geopolitical risks and utilize "silver-copper" spread trading to capture industrial demand elasticity [10] - Conservative investors should prioritize gold ETFs and physical gold to avoid leverage risks, while aggressive investors may consider gold mining stocks and silver futures with stop-loss measures [11]

Group 1 - The core viewpoint of the articles indicates a recovery in the non-ferrous metals sector, with significant movements in gold and silver prices driving market sentiment [1][2] - The China Securities Nonferrous Index experienced a decline of 0.54%, while individual stocks such as Zhong Rare Metals rose over 8%, and others like Guocheng Mining and Yunnan Zinc Industry increased by more than 4% [1] - The Nonferrous Metals ETF (159871) saw an increase of 2.56%, with a peak rise of nearly 4% during the morning session, achieving a trading volume of 1.09 billion yuan and a turnover rate of 10.42% [1] Group 2 - Gold and silver prices showed significant fluctuations, with spot gold reaching a maximum increase of over 4%, hitting 4,850 USD per ounce, and spot silver rising by as much as 7% [1] - Citigroup holds a cautious short-term outlook on gold and silver, while JPMorgan remains bullish, predicting gold prices to reach 6,300 USD per ounce by the end of 2026, supported by central bank and investor demand [2] - The overall long-term trend for the non-ferrous metals sector remains positive, with recommendations to focus on the Nonferrous Metals ETF (159871) to capture structural opportunities [2]

Core Viewpoint - South Africa's mining production experienced a year-on-year decline of 2.7% in November 2025, primarily driven by decreases in coal, iron ore, platinum group metals, and gold production [1]. Group 1: Production Changes - Coal production fell by 7.9%, contributing a decline of 2.1 percentage points [1]. - Iron ore production decreased by 7.6%, contributing a decline of 1.1 percentage points [1]. - Platinum group metals production dropped by 2.8%, contributing a decline of 0.8 percentage points [1]. - Gold production declined by 6%, contributing a decline of 0.5 percentage points [1]. - Conversely, manganese ore emerged as the largest contributor with a production increase of 17%, contributing 1.1 percentage points [2]. Group 2: Seasonally Adjusted Data - Seasonally adjusted mining production in November decreased by 5.9%, following a growth of 2.7% in October and 2% in September [3]. - For the period from September to November, seasonally adjusted mining production showed a growth of 1.6%, with platinum group metals, iron ore, and manganese ore being the largest contributors [3]. Group 3: Sales Performance - In nominal terms, mining product sales in November experienced a year-on-year decline of 0.3%, with gold, coal, and iron ore being the largest detractors [5]. - Gold sales plummeted by 27.9%, contributing a decline of 6 percentage points [5]. - Coal sales decreased by 15%, contributing a decline of 3.8 percentage points [5]. - Iron ore sales fell by 16.6%, contributing a decline of 1.7 percentage points [5]. - The largest contributor to sales growth was platinum group metals, which increased by 42.3%, contributing 9.7 percentage points [5]. - Seasonally adjusted mining product sales value decreased by 2.4% month-on-month in November, following a decline of 0.9% in October [5].

Precious Metals Industry - Central banks worldwide are increasing their gold reserves to diversify risk, with China's central bank having increased its gold holdings for 14 consecutive months [1] - The global monetary easing expectations are rising, leading to a weaker dollar, which enhances the attractiveness of precious and non-ferrous metals priced in dollars [1] - The market for precious metals is expected to experience a broad rally starting in early 2026, characterized by a resonance between financial and industrial attributes [1] - Key players in the precious metals sector include Shandong Gold, Zijin Mining, Chifeng Jilong Gold Mining, and Guoyuan Platinum, all of which are focusing on optimizing production and expanding operations [3] Non-Ferrous Metals Industry - The demand for non-ferrous metals such as silver, copper, and aluminum is growing due to the rigid requirements from emerging industries like photovoltaics, electric vehicles, and AI servers [1] - The market dynamics for non-ferrous metals are changing, driven by both traditional infrastructure demand and new energy sectors [1] - Major companies in the non-ferrous metals sector include Luoyang Molybdenum, Northern Rare Earth, Huayou Cobalt, and Tin Industry Co., which are involved in mining, refining, and processing of various metals [4]